The credit quality of school districts has not been significantly impacted by school districts since the implementation of a cap on the increases they can make in property taxes, according to a reported Friday by Moody’s.

The report found increased state aid in the current 2018-19 state budget has helped offset some of the challenges created by the limit on tax levy increases, including the increase in pension costs.

The state budget included a $26.7 billion allocation of school aid, a 3.9 percent hike from the previous year.

But school districts after several years of decreases will see a hike in the annual required pensions contributions in the fiscal year, jumping from a 9.8 percent contribution rate to 11 percent.

The cap limited school districts to a 2 percent increase this year, up from the 1.26 percent ceiling in 2018. The average annual increase since the cap has been in effect since 2012 is 1.49 percent.

Out of 700 school districts, only 16 attempted this year to override the cap, with six being approved.